Analysed data and formed insights from funnel and event analysis.
Insight
How might we recommend financial products more responsibly?
Data-driven design decisions to redesign Earn's homepage.
Binance Earn Homepage Redesign · Binance · 2023UI Design
UX Design
Data Analysis
About
As part of a 6-month contract role in Binance's Earn team as a Product Designer (Binance Accelerator), I was tasked to revisit the mobile homepage of Binance Earn, to improve conversion rate and to bring traffic going into products that are less popular.
In practice, that meant recommending the right products to the right users — helping beginners learn about a product before they commit, and surfacing less-used products to pros responsibly — rather than pushing conversion at any cost.
What I did
Data Analysis
User Flows
UX Design
UI Design
Team
Choo Yuan Jie · Product Designer
Holly Hsiao · Lead Product Designer
Results
Re-designed UI for mobile homepage.
Design
Hypothesised 3 different ways to improve conversion rate.
Process
Background
Binance Earn is a category of investment products for users to earn passive income with their existing cryptocurrency holdings.
The homepage is the first touchpoint for users to convert into subscribers. It houses more than 10 products with varying risk levels.
Summary
1
Understanding Binance's Users
Learnt more about user personas of Binance Earn. Uncovered user stories and understood how users made decisions.
2
Data Analysis & Insights
Analysed current Binance Earn's user flow using Funnel and Event Analysis. Synthesised data into insights and hypotheses.
3
UI Design
Using the user stories and data insights, formed 3 UI design proposals.
4
A/B Tests & Results
Tested it with real users through A/B testing.
Understanding Binance Earn's Users — Personas
Binance's Users can be split into three types and two attributes - Risk Tolerance and Exploration.
Binance's Users can be split into three types, the Earn Beginner, Earn Adventurer Pros and Earn Conservative Pros. To understand how these users would use Binance Earn, I crafted stories based on how they would make decisions — and how each type needs to be recommended to differently.
These insights were gathered from prior research, and also a CSAT survey that I got to help out with!
Earn Conservative Pros
“Maintain my portfolio”
I frequently visit the earn page to check and manage my existing positions.
I am more likely to visit products directly from my wallet instead, because I frequently subscribe to the same products.
Basically, I would like to maintain my current portfolio.
Earn Adventurer Pros
“Optimal Products Only”
I frequently visit the earn page to check and manage my existing positions.
I am more likely to visit products directly from my wallet as I usually resubscribe to the same products.
I might do some risky investments, only to learn how things work with a small amount first.
Basically, I want to find optimal products and learn more about the functions of each product, before I commit.
Earn Beginners
“Window Shoppers”
I am new to the simple earn page. I am unsure of what I want to do with my coins yet so I don’t mind “window shopping”.
To help with my exploration, I would want to see my holdings then the available services, rather than having to search manually for what’s available.
I don’t opt for high yield and high risk products because I prefer something with stability.
Basically, I want to learn more about the products, but earn safely.
Data Analysis
Understanding what users are doing on the user flow through data.
To understand the current conversion rate, I tapped into the “Funnel Analysis” and “Event Analysis” for the current user flows. This helped me understand a rough idea of what users are doing on the user flow, without conducting usability testing.
The analysis was done on Sensors (an app that queries data). Actual figures are censored due to privacy concerns.
Insight 1 — Earn Pro User Flow
More than half of Pro users end up in a product they didn't find helpful.
In the Pro user flow, I noticed that more than half of the Pro users confidently click onto Simple Earn thinking that the product is suitable for them. However, 56% of users end up not confirming after learning more about the product.
From the data and persona, it might be because…
Hypothesis 1
They noticed a piece of information about the product too late in the user flow.
Proposal 1
Let Earn Pros get information faster, we can include more practical information about all products in the homepage.
Hypothesis 2
Pros are not exploratory enough to try out other products other than the one they know.
Proposal 2
To encourage Earn Pros to be more exploratory, we can refer and educate products in the homepage that are seldom used by those Pros.
Insight 2 — Beginner User Flow
Beginners spend more trying to understand each product before confirming.
In the Beginner user flow, I noticed that beginners spend 17 more seconds trying to understand a product before confirming. This might be because of the “window shopping” behaviour discussed previously, not knowing which token to stake.
From the data and persona, it might be because…
Hypothesis 3
Earn Beginners look for products without a specific token in mind, however, they are conscious about the risk associated with it. So they will spend more time trying to think whether it is the right product for them.
Proposal 3
To make Earn Beginners more comfortable with trying products, we can start with products they’ve used before. Over the long term, this might increase the conversion rate, as well as their risk appetite. Other than that, we can also categorise products by risk associated and give them more information to compare on the homepage.
UI Design
Designing for more in-depth exploration and clearer information upfront.
“See what you can do with all product with your coins, directly on the homepage”
“Educate pros about less used products”
“Recommend products used before, and by risk level for beginners”
FAQ
Giving users the information to learn before they commit.
I also revisited the FAQ pages, so that users — especially beginners — can learn what a product does before committing to it. Giving people the information to make an informed choice is part of recommending financial products responsibly.
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Lessons from this short project
Sometimes, data can tell us just enough for our intuition.
Sometimes, it is important to leverage on our own experience as evidence to move a design forward fast. When our experiences are used together with data, we can quickly come up with intuitive suggestions that can be tested afterwards.
For a category as sensitive as financial products, that intuition was always pointed at the same goal — recommending the right product to the right user, responsibly.